Saturday, June 22, 2024

Circle’s CEO Jeremy Allaire Highlights Predominantly International Adoption of USDC

Circle’s CEO, Jeremy Allaire, emphasizes that the surge in adoption of Circle’s USD Coin (USDC), a dollar-pegged stablecoin, is primarily being driven by non-US markets. Allaire highlights the substantial global demand for secure and transparent digital dollars.

Contrary to the perception of US-centric focus, Allaire estimates that 70% of USDC’s adoption originates from international regions, particularly from emerging markets in Asia, Latin America, and Africa, where growth is notable.

With a market capitalization of approximately $26.2 billion, USDC stands as the sixth-largest digital asset globally and the second-largest stablecoin, following Tether (USDT), which holds a market cap of $83.5 billion as of the current time.

Allaire commends PayPal and Paxos Trust Company for the recent launch of PayPalUSD (PYUSD), another stablecoin designed to maintain a 1:1 peg with the US dollar.

Furthermore, the Circle CEO expresses his endorsement for the “Clarity for Payment Stablecoins Act of 2023,” a piece of legislation introduced by Rep. Patrick McHenry (R-NC) in the US House of Representatives. This bill aims to establish a comprehensive regulatory framework for stablecoin issuance.

Rep. McHenry underscores the necessity of clear regulations and robust consumer protections to unlock the full potential of stablecoins. The bipartisan Clarity for Payment Stablecoins Act recognizes successful state regulatory approaches and seeks to build upon them, exemplified by New York’s regulations.

The bill was approved by the House Financial Services Committee in late July and has been forwarded to the full House for further consideration.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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